COVID-19 & Your Loan

COVID-19 & Your Loan

COVID-19 has turned most people’s lives upside down. Many have been impacted or had their businesses closed and at this stage, all advice points to it staying this way for some time to come.

While our East Brisbane Office is closed during lockdown periods, we are able to hold all meetings via phone or video conference. The good news is that many banks will allow video conference as an acceptable substitute to a face to face meeting.

As we will continue to monitor the unfolding COVID-19 situation, we will keep you updated on any developments through our website and social media pages.

We are here to support you through these unprecedented times. Please, do not hesitate to contact us to see how we can help.

Are the banks still working?

Although some bank branches may be temporarily closed during lockdown periods, the vast majority of bank staff are working and ready to help.

Are the banks taking longer to process loans than usual?

Not really, banks are currently taking longer than normal but this is not due to any lockdown. Most lenders already have protocols in place so that day to day life carries on as normal. Signing of mortgage documents can be a little slower if you are unable to meet up with a qualified witness but we do have work arounds in place.

Is now a good time to refinance?

Absolutely. Now is an amazing time to review your situation. The official cash rate in Australia continues at its record low – however – we have seen some longer term rates increase, so now is an ideal time to review your loan. Home loans are no longer a set and forget product as our lives are increasingly varied. At Time Home Loans, we recommend you review your home loans annually – or every two years at a minimum.

While rate is important, how you use your loan and the way it is structured is vital – and will save you in the long run. With access to over 50 banks and hundreds of different loan products we work with you to find the loan that suits your individual circumstances.

Can I still view open homes or attend auctions?

Every agency has their own procedures in place, but many are holding private in-person viewings. Many agencies have really upped their game to allow you to virtually inspect properties and even hold virtual auctions. If you are a home buyer and have not yet secured pre-approval, now is a good time to do so.

What will happen to the Brisbane property market?

“Over the past 12 months, the median house price has gone up by almost $78,000, which is around the average Queensland annual salary. Property experts claim this moment in Brisbane property history is just the beginning, with the city’s successful success Olympics bid tipped to fuel further growth.” (Sarah Webb, July 29, 2021) Interestingly – our median price is $731k less than Sydney’s, 344k less than Melbourne and 337k less than Canberra. Additionally, Auckland’s median price is $1.14m. Mix this with growth associated with the 2032 Olympics and it would be a reasonable prediction that prices will continue to grow for some time. Having your finance sorted in this market is vital – whether it be a pre-approval for a purchase or reviewing your current lending to make sure you are appropriately structured – they key is to get in contact early.

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